WBD to be acquired by Paramount Skydance for $31.00 per share in cash; prior Netflix merger terminated

Warner Bros. Discovery, Inc.

All-cash deal: $31.00 per share plus ticking consideration of $0.00277778/day after Sept 30, 2026 (max $0.25/90 days).
PIPE financing: Ellison parties commit up to $46.72B, RedBird $250M; no financing condition for closing.
Termination of prior Netflix merger (Jan 19, 2026); WBD pays a Netflix termination fee (undisclosed amount).
Company termination fee $3B if WBD accepts a superior proposal; regulatory termination fee $7B if antitrust blocks.
Closing conditional on WBD stockholder approval and regulatory clearances; boards unanimously approved.

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